How to start a business in Singapore?

In recent years, Singapore has become somewhat of a hotspot for foreign investment in the fintech space, which leaves many entrepreneurs wondering how to start the process of company registration in Singapore. This procedure begins with you making sure once again that this country is the best option for your project, an option that meets the needs of you and your enterprise. Then, you need to raise enough money to start the company, as well as to finance possible expansion. After you make sure that there’s enough money, you register your business in Singapore, set up a bank account, choose an office, hire a secretary, and finish up all the taxation-related work you need to do.

What documents are needed to register a legal entity in Singapore?

There are various documents that you will need to provide when you register a legal entity in this country, including:

• Documents related to branding/company name;
• Description of the business’ activities and an apt Singapore Standard Industrial Classification code;
• Key information regarding stockholders and directors, KYC info;
• Verified company address;
• Detailed information regarding initial capital;
• Company’s articles of association.

What do you need to open a company in Singapore?

When it comes to opening a legal company in Singapore, you need to meet a number of criteria. Among them are:

• 1 stockholder. There has to be at least one stockholder in order for you to create a business entity. That stockholder can be a person or a company. The maximum allowed number of stockholders is 50. There are no nationality restrictions regarding the stockholder(s), so you can choose any nationality.
• Share capital of at least 1 SGD. It’s possible to set up a business with a share capital of just one Singaporean dollar.  Obviously, you can set up a company with any amount you have in your bank account or from other investments. You don’t have to start a business with 1 SGD. The bigger the share capital is, the more trustworthy your business will be considered, and the better chances it has to succeed.
• At least one director who’s a Singaporean resident. There are several considerations here, but the main thing is that it’s easy to hire someone to act as your director. A business-registering assistant company can even recommend someone who’s trustworthy or nominate one of their staff members. 
• At least one secretary who’s a Singaporean resident. The same goes for having a secretary. The requirement is that you have one secretary that currently resides in Singapore. This requirement has everything to do with the authorities needing someone they can get in touch with if some problems arise.
• Real address in Singapore. You have to use a real address as your company’s intended headquarters. It cannot be a PO box.
• Suitable company name. Believe it or not, it’s oftentimes tough to find a suitable name for your company. You need to check the name’s availability before you proceed with company registration, so it’s pivotal to choose one that’s considered acceptable in Singapore. You can also submit a suggestion for an alternative if you already have something in mind.

Is it possible to register a company in Singapore online?

It’s fully possible to open a company in Singapore through the web, as long as you meet the required requirements. As you can imagine, there are plenty of things to take into consideration, but more often than not, web-based registrations are pretty swift. Singapore’s Accounting and Corporate Regulatory Authority can issue your e-Certificate in a matter of hours.

If you want to establish a company online with zero bureaucracy, stress, or unforeseen difficulties – seek out professional service. There are several reputable companies that provide expert consultation and other services that aid in the company registration process.

What taxes are there in Singapore?

Tax rates in Singapore can vary depending on the financial arrangements of the business or individual in question. For instance, personal tax rates can be as low as 0% but can reach as high as 22% for residents and 15-22% for foreigners. There’s also a Goods and Services Tax of 7%. In general, it’s possible to lessen your tax burden if you’re registered in Singapore, as long as you seek professional advice on how to pay fewer taxes but still stay within the limits of the law.

What are the most popular companies in Singapore?

There are many well-known and successful businesses that are currently headquartered in Singapore. The most profitable one is DBS Bank, a bank with a reputation for being one of the most reliable financial institutions in Asia. There are also Jardine Matheson, Singtel, OCBC Bank, and several other companies that receive recognition both in Singapore and overseas.

A large part of the biggest companies working in this country are involved in the banking and financial sector, but that doesn’t mean that there are onerous requirements that burden other industries. In fact, all the other industries are generally doing pretty well, with the exception of the travel sector which is still trying to recover from the downturn that hit the industry a couple of years ago.

Deadlines for registering a company in Singapore.

The timeline for establishing your business in Singapore can vary based on many different parameters. Some report only having to wait a few hours and some are able to start operating in a matter of days.  On the surface, it would seem like the most time-consuming part of this process is actually meeting the paperwork requirements. Not only does it have something to do with making sure you meet the requirements set by officials but there are a number of procedures that must be completed before the documents are ready to be sent. In other words, paperwork preparation takes a bit of time. However, you are not going to spend a lot of time waiting for a response from the authorities since they are usually quite efficient.

When you have all the documents at the ready, your company is pretty much ready to start operating in a matter of a few days. You will receive a response from the Accounting and Corporate Regulatory Authority and that’s about it.